Remittances serve a big purpose in the lives of millions of people across the world. They are not just a transfer of money but a means to transfer care, trust, and companionship to one’s loved ones.
The overseas Filipino community has for the last few decades been one of the prime drivers of the global payments economy, sending home billions of dollars every year to meet the financial needs of their loved ones. So, it was only natural that when the pandemic struck and the fear of job losses mounted, the World Bank’s prediction of a considerable drop in remittance inflows into Philippines was a reason for worry. But defying all odds, the Filipino expat community has stayed strong and resilient, maintaining their position as the world’s fourth highest remittance destination, receiving US$34.9 billion in 2020, which is equivalent to 9.6 per cent of the country’s GDP at a drop of just 0.7 per cent as compared to the previous year.
The number of overseas Filipino workers (OFWs) based in the UAE is substantial and their contribution to these figures can in no way be discounted. Over the years, the community has been a strong backbone to the growth of the UAE, participating in all aspects of nation building. Even during the height of the pandemic, OFWs have contributed to areas of healthcare, infrastructure, communications and logistics among others, as equal stakeholders, while making sure to take care of their families back home.
The community continues to shape the economies of both their host and home countries and, as a responsible financial services provider, we value the efforts and contributions of Filipinos in the UAE. To support their efforts, LuLu Exchange has launched several consumer-friendly services and products over the last year, specially aimed to improve the value we offer our Filipino consumers.
From increasing our network to easier onboarding processes, we have equipped our teams to deliver a reliable, seamless, and accessible financial journey for our Filipino consumers, across physical and digital mediums.
Further, by repurposing our network of 83 branches as consumer engagement centres, and continuously rolling out improvements in our digital processes, we are ever vigilant of the need to strengthen our network through global partnerships that can lower the cost of remittance and make payments more affordable. Several of our digital innovations including the imminent launch of the e-wallet facility for Filipino users on LuLu Money, will enable faster and more affordable peer-to-peer payments, remittances, and cross-border bill payment solutions.
In celebration of the Philippines Independence Day 2021, we at LuLu Exchange convey our warmest wishes to all our Filipino brothers and sisters and re-affirm our organisation’s commitment to make your lives easier.
To learn more, visit luluexchange.com
